LAB Entreprenør, a company within the AF Gruppen, has signed an agreement with
Gjelsten Bolig to build a new residential project in Møllendalsveien, Bergen.

The contract includes the demolition of existing buildings on the site and the
construction of a total of 40 apartments distributed across two buildings with a
shared garage, bicycle parking, sports stalls and entrance areas.

The project is located right by the banks of the Møllendal River near a marina,
a waterfront promenade, and a planned new city beach and river park. The project
is being carried out as a turnkey project. 

The contract is valued at approximately NOK 137 million excluding VAT and is
contingent on sufficient pre-sales being achieved before construction begins.

"We are grateful to have been chosen as the partner for the project in
Møllendalsveien, and we look forward to continuing the collaboration from the
interaction phase into the execution of yet another residential project for
Gjelsten Bolig," says Gard Kvalheim, CEO of LAB Entreprenør.

Work on site will begin in the third quarter of 2025, with planned completion in
the second quarter of 2027.


For further information:

CEO of LAB Entreprenør AS: Gard Kvalheim, tel. 907 54 394
EVP Building, AF Gruppen: Tormod Solberg, tel. 950 59 495